Celebrity Mishaps: Wyclef Facing Foreclosure On Miami Beach Property

by Upscale Swagger on November 23, 2008

 

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Wyclef Jean is going through some financial problems right now. It was announced earlier today that Wyclef is facing foreclosure on a Miami Beach property if he failed to pay the $2 Million mortgage for the property. 

Through a corporation he owns with friends, the former guitarist of The Fugees borrowed $2 million from Home Equity Mortgage Corp. in 2004.

He wanted to rebuild a canal-front home next door to Kennedy clan stalwart Anthony Shriver, Maria’s little brother.

But a series of construction liens filed since then shows the Pine Tree Drive project was burdened by a heap of financial trouble.

Construction for the property was put on hold when Jean and his partners couldn’t make up the rest of the balance of $177,913 to finish. Jean’s corporation now owes the bank $2.4 million. If Wyclef doesn’t pay off the home it will be sold on December 12 in downtown Miami.

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